Evergreen buying coalbed methane properties in Alaska and Colorado


By the OGJ Online Staff

HOUSTON, May 10 -- Evergreen Resources Inc., Denver, Colo., signed an agreement to buy coalbed methane property in Alaska from two companies and entered into a separate joint venture agreement with J.M. Huber Corp., Houston, for coalbed methane properties in Colorado.

Evergreen signed an agreement to acquire a 100% working interest in 48,000 acres of prospective coalbed methane properties in Alaska for $960,000 in cash from Ocean Energy Inc., Houston, and Unocal Corp., El Segundo, Calif..

The acreage, which also contains potential traditional natural gas reservoirs, is 30 miles northwest of Anchorage. Evergreen believes Pioneer Unit's coal seams may contain potential recoverable reserves of up to 500 bcf of gas.

Evergreen's joint venture agreement with J.M. Huber Corp. covers 29,000 acres of coalbed methane properties in Huerfano County, Colo., in the northern end of the Raton Basin. Under terms of the agreement -- effective Apr. 1 -- Evergreen will spend at least $2 million through Mar. 31, 2002, to earn 50% working interest in the properties, which contain 15 shut-in wells.

Evergreen's planned expenditures will be for drilling, completions, workovers, equipment, and fracture stimulations. The properties are 20 miles north of Evergreen's 258,000 acres of coalbed methane properties in Las Animas County, Colo.

Evergreen Pres. and CEO Mark Sexton said, "While our current development focus continues to be the Raton Basin, we have expanded our portfolio of unconventional natural gas projects in North America."

Related Articles

Gorder named Valero chief executive officer

03/25/2014

Joe Gorder, Valero Energy Corp. president and chief operating officer, has been named chief executive officer, succeeding Bill Klesse.

Double Eagle changes name, appoints chief executive officer

03/25/2014 Double Eagle Petroleum Co., Denver, has appointed Charles F. Chambers to the position of chairman and chief executive officer, effective Apr. 1. As...

MOL closes purchase of North Sea assets from Wintershall

03/25/2014 MOL Group, Budapest, has completed its transaction with Wintershall, Kassell, Germany, in which MOL acquires offshore assets with 14 licenses in th...

Gasoline price games

03/24/2014 Let's assume you're a typical American, typically scornful of the oil and gas industry. You don't work for the industry. You don't know much about ...

Careers at TOTAL

Careers at TOTAL - Videos

More than 600 job openings are now online, watch videos and learn more!

 

Click Here to Watch

Other Oil & Gas Industry Jobs

Search More Job Listings >>
Stay Connected